EU backs crypto anti-money laundering rules to crack down on dirty money

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Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/

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June 29 (Reuters) – European Union (EU) negotiators have agreed on anti-money laundering rules for cryptocurrencies, the European Parliament said in a statement on Wednesday, in the latest sign that regulators are tightening up the freewheeling sector.

The rules would require crypto firms such as exchanges to obtain and hold information on those involved in cryptocurrency transfers, and provide it to competent authorities if an investigation is conducted.

Once written, the rules will have to be approved by several bodies before it can take effect.

“The new rules will enable law enforcement officials to be able to link certain transfers to criminal activities and identify the real person behind those transactions,” said Ernest Urtasun, a Spanish Green Party lawmaker, who helped to steer the measure through the European parliament.

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Reporting by Akriti Sharma in Bengaluru; Editing by Josie Kao

Our Standards: The Thomson Reuters Trust Principles.

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